By Lawrence White
LONDON (Reuters) – Standard Chartered will target $200 billion in new assets and double-digit revenue growth from its wealth business over the next five years, as part of a broader strategy to move into higher-fee businesses.
The bank’s statement builds on ambitions it unveiled in October to scale back its retail banking operations in some markets to fund a $1.5 billion pound investment in its wealth unit, mainly aimed at affluent customers.
The bank will also aim to double the size of its relationship manager team by 2028, as well as upgrading branches and investing in technology to win new customers.
The shift in focus from regular retail banking to more affluent customers reflects a shift at rival HSBC, which has in recent years scaled back its retail presence in markets such as the US and France as it invests in wealth management.
“As we continue to focus on our competitiveness, a significant portion of our investments will expand capabilities that support our customers’ international banking needs,” said Judy Hsu, CEO, Wealth and Retail Banking at Standard Chartered.
Standard Chartered said last month it is exploring a possible divestment of its wealth and retail banking businesses in Botswana, Uganda and Zambia, as part of its shift in investments.
(Reporting by Lawrence White; Editing by Sinead Cruise and Jason Neely)
